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Dare County approves up to $67 million in 2026C limited-obligation bonds for public works, EMS and school fieldhouse
Summary
The board adopted an initial resolution and an approving resolution for a 20-year series 2026C limited-obligation bond issue with a not-to-exceed amount of $67,000,000 to fund the public works campus, Nags Head EMS construction and the Manteo High School fieldhouse; staff projected a targeted interest rate near 4% and an expected par around $64,000,000.
Dare County commissioners voted unanimously Aug. 10 to move forward with a series 2026C limited-obligation bond issuance to finance a new public works facility, Nags Head EMS construction and improvements at Manteo High School.
Finance staff presented an initial resolution with a not-to-exceed figure of $67,000,000 and described the plan as a 20-year term with a targeted interest rate “just at 4%, hopefully, slightly under 4%.” Matt Matika, who presented the item, said the issuance identifies the public works campus as collateral and that final documents will be provided ahead of an issuance planned for early October. “It defines the projects of the issuance, which are our public works facility, renovation, restoration, tear down, new construction … Nags Head EMS construction, and the Manteo High School fieldhouse,” Matika said.
The board adopted the initial resolution and then held the required public hearing on the approving resolution; no members of the public spoke. Matika told commissioners the county expects par in the mid-$60 million range and confirmed the county’s underwriter will be Piper Sandler. The board then moved and unanimously approved the approving resolution, authorizing county officials to execute issuance documents and proceed with the planned financing.
